Form 8-K

8-K — Civeo Corp

Accession: 0001590584-26-000089

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0001590584

SIC: 7000 (HOTELS, ROOMING HOUSE, CAMPS & OTHER LODGING PLACES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cveo-20261029.htm (Primary)

EX-99.1 (cveo-09302026xrelease.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: cveo-20261029.htm · Sequence: 1

cveo-20261029

0001590584false00015905842026-10-292026-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): October 29, 2026

____________________

Civeo Corporation

(Exact name of registrant as specified in its charter)

British Columbia, Canada 1-36246 98-1253716

(State or other jurisdiction

of incorporation or organization)

(Commission File

Number)

(I.R.S. Employer

Identification No.)

Three Allen Center

333 Clay Street, Suite 4400

Houston, Texas 77002

(Address and zip code of principal executive offices)

Registrant’s telephone number, including area code: (713) 510-2400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Shares, no par value

CVEO

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 29, 2026, Civeo Corporation (“Civeo”) issued a press release announcing its financial condition and results of operations as of and for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report on Form 8-K, and is incorporated herein by reference.

The information contained in this report and Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filings made by Civeo under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description of Document

99.1

Press Release dated October 29, 2026

104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 29, 2026

CIVEO CORPORATION

By: /s/ E. Collin Gerry ,

Name: E. Collin Gerry

Title: Senior Vice President, Chief Financial Officer and Treasurer

EX-99.1

Filename: cveo-09302026xrelease.htm · Sequence: 2

Document

Civeo Reports Third Quarter 2026 Results

Highlights:

•Reported revenues of $193.1 million, net income of $5.2 million and Adjusted EBITDA of $30.1 million;

•Consolidated revenues increased 13% year-over-year, driven by higher occupancy and integrated services growth in Canada and the strengthening of the Australian dollar;

•Canadian revenues increased 38% and Adjusted EBITDA increased 47% year-over-year, driven primarily by higher occupancy at the Company’s oil sands lodges, reflecting stronger-than-expected turnaround activity;

•Generated operating cash flow of $26.4 million in the third quarter and $28.3 million year-to-date, an increase of $25.2 million over the first nine months of 2025, driven by higher Adjusted EBITDA, including a full nine months of contribution from the Australian villages acquired in May 2025, as well as lower cash taxes in Australia and favorable working capital timing;

•Since the end of the second quarter of 2026, secured contracts with a diverse set of customers for the deployment of approximately 700 mobile fleet rooms across Canada;

•Recognized by Restaurant & Catering Australia in its Best Industrial Caterer category, winning the state awards in Western Australia, Queensland and South Australia and sweeping the top three places nationally; and

•Raised full year 2026 revenue and Adjusted EBITDA guidance to $710 million to $720 million and $89 million to $92 million, respectively, and increased capital expenditure guidance to $30 million to $35 million to prepare Canadian assets for contracted deployments.

HOUSTON, October 29, 2026 (BUSINESS WIRE) -- Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the third quarter ended September 30, 2026.

Bradley J. Dodson, Civeo's President and Chief Executive Officer, said, “We delivered a strong third quarter with 13% year-over-year revenue growth and a 5% increase in Adjusted EBITDA, while third quarter operating cash flow nearly doubled to $26.4 million. In Canada, revenues increased 38%, driven by stronger-than-expected turnaround activity at our oil sands lodges and our new integrated services contract in Ontario, and higher occupancy drove a 47% increase in Adjusted EBITDA. In Australia, contractual rate increases and increased shutdown activity in our integrated services business helped offset lower owned-village occupancy in the Bowen Basin, while the stronger Australian dollar contributed to year-over-year revenue growth.”

Mr. Dodson continued, “Our North American business continues to gain traction. Buoyed by stabilizing oil sands occupancy, continued integrated services growth, and recent contractual wins encompassing approximately 700 mobile fleet rooms in Canada, we now expect Canadian revenue, in local currency, to increase approximately 30% year-over-year in the back half of 2026. This is an improvement from the prior quarter’s guidance of 20% year-over-year growth over the same time period. Beyond the oil sands, our pipeline of North American infrastructure opportunities, including LNG, Canadian energy infrastructure, and power and data center development, remains robust. In summary, we continue to see increasing room demand across a diverse set of end markets, which should continue to support stronger utilization, pricing and ultimately returns.”

Mr. Dodson concluded, “Reflecting our year-to-date performance, we are raising our full year 2026 revenue and Adjusted EBITDA guidance. In Canada, some turnaround activity we had expected to extend into the fourth quarter was instead completed in the third quarter. In Australia, owned-village occupancy remains solid, though softer than healthy commodity prices would typically support, as elevated diesel costs and broader inflationary pressures keep producers focused on cost discipline. We expect these dynamics to persist through year-end. With enhanced financial flexibility and a growing pipeline of North American infrastructure opportunities, we see a clear path to long-term growth and value creation, which we intend to pursue deliberately, remaining focused on safe, efficient operations and cost discipline while committing capital only where we believe the returns justify the investment.”

Third Quarter 2026 Results

In the third quarter of 2026, Civeo generated revenues of $193.1 million and reported net income of $5.2 million, or $0.50 per diluted share. During the third quarter of 2026, Civeo produced operating cash flow of $26.4 million and Adjusted EBITDA of $30.1 million. See footnote (1) to the Non-GAAP Reconciliations table contained herein for the Company’s updated definition of Adjusted EBITDA.

By comparison, in the third quarter of 2025, Civeo generated revenues of $170.5 million and reported a net loss of $0.5 million, or $0.04 per diluted share. During the third quarter of 2025, Civeo generated operating cash flow of $13.8 million and Adjusted EBITDA of $28.6 million.

The year-over-year increase in Adjusted EBITDA was primarily driven by higher occupancy at the Company’s Canadian oil sands lodges, reflecting stronger-than-expected turnaround activity, the majority of which occurred in the third quarter, and the favorable impact of a stronger Australian dollar. These benefits were partially offset by lower owned-village occupancy in Australia’s Bowen Basin, as elevated diesel costs and broader inflationary pressures kept producers focused on cost discipline.

Business Segment Results

Australia

During the third quarter of 2026, the Australian segment generated revenues of $129.5 million, operating income of $14.8 million and Adjusted EBITDA of $23.2 million, compared to revenues of $124.5 million, operating income of $15.3 million and Adjusted EBITDA of $25.0 million in the third quarter of 2025. Results for the third quarter of 2026 include the impact of a strengthened Australian dollar relative to the U.S. dollar, which positively impacted revenues and Adjusted EBITDA by $9.6 million and $1.7 million, respectively.

The Australian segment reported a 4% increase in revenues and a 7% decrease in Adjusted EBITDA. The year-over-year increase in revenues was primarily driven by the strengthening of the Australian dollar, contractual rate increases across integrated services contracts and increased shutdown activity, partially offset by lower owned-village occupancy in the Bowen Basin. The decrease in Adjusted EBITDA primarily reflected lower occupancy in the Company’s higher-margin owned villages.

The Company’s Australian operations were also recently recognized by Restaurant & Catering Australia in its Best Industrial Caterer category, winning the state awards in Western Australia, Queensland and South Australia and sweeping the top three places nationally.

Canada

During the third quarter of 2026, the Canadian segment generated revenues of $63.6 million, operating income of $3.8 million and Adjusted EBITDA of $11.1 million, compared to revenues of $46.0 million, an operating loss of $2.8 million and Adjusted EBITDA of $7.6 million in the third quarter of 2025.

The Canadian segment reported a 38% increase in revenues driven by higher occupancy at the Company’s oil sands lodges, reflecting stronger-than-expected turnaround activity, and the new integrated services contract in Ontario. Adjusted EBITDA increased 47%, primarily reflecting higher occupancy.

Financial Condition and Capital Allocation

As of September 30, 2026, Civeo had $126.9 million of availability under its revolving credit facility. Civeo's total debt at September 30, 2026 was $217.5 million, an $8.9 million increase from June 30, 2026. Civeo's net debt at September 30, 2026 was $196.0 million, a $5.1 million increase since June 30, 2026, primarily attributable to the share repurchase completed concurrent with the convertible notes offering, partially offset by cash generated from operations, bringing Civeo's reported total net leverage ratio to 2.1x as of September 30, 2026.

During the third quarter of 2026, Civeo invested $5.4 million in capital expenditures compared to $5.6 million invested during the third quarter of 2025. Capital expenditures in both periods were primarily related to maintenance spending on the Company’s lodges and villages.

In July 2026, the Company issued $115.0 million aggregate principal amount of 4.50% convertible senior notes due 2031, including the full exercise of the initial purchasers' option to purchase an additional $15.0 million of notes. The notes bear interest at a fixed rate of 4.50% per annum, mature on August 1, 2031, and have an initial conversion price of approximately $40.51 per share, representing a 20% premium to the closing price of Civeo's common shares on July 1, 2026. Concurrent with the offering, Civeo repurchased 660,297 of its common shares for approximately $22.3 million, completing the 20% share repurchase authorization approved by the Board of Directors in April 2025 and bringing the Company’s additional 10% authorization to approximately 50% complete as of September 30, 2026. The Company used the remaining net proceeds from the offering to repay borrowings under its revolving credit facility.

Full Year 2026 Guidance

For the full year of 2026, Civeo is raising its revenue and Adjusted EBITDA guidance to $710 million to $720 million and $89 million to $92 million, respectively, from its prior ranges of $675 million to $700 million and $85 million to $90 million.

The Company is increasing its full year 2026 capital expenditure guidance range to $30 million to $35 million, from its prior range of $25 million to $30 million. The increase in expected capital expenditures for 2026 is related to preparing Canadian assets for deployment.

Conference Call

Civeo will host a conference call to discuss its third quarter 2026 financial results tomorrow at 8:30 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at www.civeo.com. Participants may also join the conference call by dialing (877) 423-9813 in the United States or (201) 689-8573 internationally and asking for the Civeo call or using the conference ID 13763564#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 13763564#.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Australian natural resource regions and the Canadian oil sands. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently owns and operates a total of 26 lodges and villages in Australia and North America with an aggregate of approximately 26,300 rooms. In addition, Civeo operates and provides hospitality services at 22 customer-owned locations with approximately 18,300 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section

21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts

and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein, including

the statements regarding Civeo’s future plans and outlook, strategic priorities, guidance, current trends,

expectations with respect to Adjusted EBITDA, capital expenditures, future revenues, share repurchases, free cash flow generation, cost reductions, integration of the Australian asset acquisition, future infrastructure-related opportunities and liquidity needs, are based on then-current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of coal, iron ore, oil, natural gas and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with inflation and volatility in the banking sector, risks associated with the company’s ability to integrate any future acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, geopolitical events, inflation, global weather conditions, natural disasters, including wildfires, global health concerns, and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s most recent annual report on Form 10-K and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Information

EBITDA, Adjusted EBITDA, net debt, bank-adjusted EBITDA and total net leverage ratio are non-GAAP

financial measures. See “Non-GAAP Reconciliation” below for definitions and additional information concerning

non-GAAP financial measures, including a reconciliation of the non-GAAP financial information presented in this

press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP

financial information supplements and should be read together with, and is not an alternative or substitute for, the

Company’s financial results reported in accordance with GAAP. Because non-GAAP financial information is not

standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP

financial measures.

- Financial Schedules Follow -

CIVEO CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

Revenues $ 193,101 $ 170,491 $ 545,785 $ 477,229

Costs and expenses:

Cost of sales and services 146,814 126,704 417,931 362,850

Selling, general and administrative expenses 18,604 18,107 59,078 56,762

Depreciation and amortization expense 15,714 20,012 49,349 54,092

Other operating income (1,331) (1,298) (2,088) (725)

179,801 163,525 524,270 472,979

Operating income 13,300 6,966 21,515 4,250

Interest expense (4,414) (3,422) (12,432) (7,740)

Interest income 182 28 272 129

Other income (expense) (6) 10 53 476

Income (loss) before income taxes 9,062 3,582 9,408 (2,885)

Income tax expense (3,879) (4,038) (10,545) (10,732)

Net income (loss) 5,183 (456) (1,137) (13,617)

Less: Net income (loss) attributable to noncontrolling interest 4 (1) 13 (6)

Net income (loss) attributable to Civeo Corporation $ 5,179 $ (455) $ (1,150) $ (13,611)

Net income (loss) per share attributable to Civeo Corporation common shareholders:

Basic $ 0.50 $ (0.04) $ (0.11) $ (1.04)

Diluted $ 0.50 $ (0.04) $ (0.11) $ (1.04)

Weighted average number of common shares outstanding:

Basic 10,357 12,395 10,800 13,053

Diluted 10,379 12,395 10,800 13,053

CIVEO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

September 30, 2026 December 31, 2025

(UNAUDITED)

Current assets:

Cash and cash equivalents $ 24,282 $ 14,439

Accounts receivable, net 122,886 90,470

Inventories 6,927 6,218

Assets held for sale 1,607 —

Prepaid expenses and other current assets 23,510 20,086

Total current assets 179,212 131,213

Property, plant and equipment, net 214,578 244,517

Goodwill, net 7,890 7,541

Other intangible assets, net 64,499 70,410

Operating lease right-of-use assets 15,381 14,485

Other noncurrent assets 12,063 9,245

Total assets $ 493,623 $ 477,411

Current liabilities:

Accounts payable $ 55,395 $ 44,282

Accrued liabilities 36,640 30,837

Income taxes payable 59 153

Deferred revenue 5,309 2,903

Other current liabilities 7,242 6,761

Total current liabilities 104,645 84,936

Long-term debt 212,978 182,842

Deferred income taxes 851 3,318

Operating lease liabilities 12,024 11,142

Other noncurrent liabilities 18,882 20,789

Total liabilities 349,380 303,027

Shareholders' equity:

Common shares — —

Additional paid-in capital 1,636,317 1,634,883

Accumulated deficit (1,097,439) (1,058,911)

Treasury stock (11,112) (10,775)

Accumulated other comprehensive loss (383,523) (390,813)

Total Civeo Corporation shareholders' equity 144,243 174,384

Noncontrolling interest — —

Total shareholders' equity 144,243 174,384

Total liabilities and shareholders' equity $ 493,623 $ 477,411

CIVEO CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Nine Months Ended

September 30,

2026 2025

Cash flows from operating activities:

Net loss $ (1,137) $ (13,617)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 49,349 54,092

Deferred income tax benefit (2,642) (3,349)

Non-cash compensation charge 1,434 2,260

Gains on disposals of assets (1,736) (1,343)

Provision for credit losses, net of recoveries 737 175

Other, net 2,335 1,214

Changes in operating assets and liabilities:

Accounts receivable (31,711) (11,411)

Inventories (599) 2,041

Accounts payable and accrued liabilities 17,204 (824)

Taxes payable 2,613 (13,905)

Other current and noncurrent assets and liabilities, net (7,530) (12,261)

Net cash flows provided by operating activities 28,317 3,072

Cash flows from investing activities:

Capital expenditures (13,241) (15,380)

Acquisitions and related payments — (72,002)

Proceeds from dispositions of property, plant and equipment 2,626 1,433

Other, net — —

Net cash flows used in investing activities (10,615) (85,949)

Cash flows from financing activities:

Convertible note borrowings 115,000 —

Revolving credit borrowings (repayments), net (77,391) 140,797

Debt issuance costs (8,211) (423)

Dividends paid — (3,437)

Repurchases of common shares (36,645) (48,684)

Taxes paid on vested shares (337) (645)

Net cash flows provided by (used in) financing activities (7,584) 87,608

Effect of exchange rate changes on cash (275) 2,068

Net change in cash and cash equivalents 9,843 6,799

Cash and cash equivalents, beginning of period 14,439 5,204

Cash and cash equivalents, end of period $ 24,282 $ 12,003

CIVEO CORPORATION

SEGMENT DATA

(in thousands)

(unaudited)

Three Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

Revenues

Australia $ 129,516 $ 124,460 $ 377,980 $ 340,778

Canada 63,585 46,031 167,805 136,451

Other — — — —

Total revenues $ 193,101 $ 170,491 $ 545,785 $ 477,229

EBITDA (1)

Australia $ 23,176 $ 25,275 $ 67,512 $ 66,485

Canada 11,076 7,230 20,630 11,796

Corporate, other and eliminations (5,248) (5,516) (17,238) (19,457)

Total EBITDA $ 29,004 $ 26,989 $ 70,904 $ 58,824

Adjusted EBITDA (1)

Australia $ 23,201 $ 25,042 $ 67,026 $ 66,280

Canada 11,110 7,581 22,249 13,665

Corporate, other and eliminations (4,254) (4,013) (13,314) (13,179)

Total adjusted EBITDA $ 30,057 $ 28,610 $ 75,961 $ 66,766

Operating income (loss)

Australia $ 14,760 $ 15,349 $ 41,076 $ 39,719

Canada 3,798 (2,827) (2,260) (15,913)

Corporate, other and eliminations (5,258) (5,556) (17,301) (19,556)

Total operating income (loss) $ 13,300 $ 6,966 $ 21,515 $ 4,250

(1) Please see Non-GAAP Reconciliation Schedule.

CIVEO CORPORATION

SUPPLEMENTAL QUARTERLY SEGMENT AND OPERATING DATA

(U.S. dollars in thousands, except for room counts and average daily rates)

(unaudited)

Three Months Ended

September 30, Nine Months Ended

September 30,

2026 2025 2026 2025

Supplemental Operating Data - Australian Segment

Revenues

Accommodation and associated services revenue (1) $ 56,463 $ 58,405 $ 169,642 $ 157,910

Integrated services and other services revenue (3) 73,053 66,055 208,338 182,868

Total Australian revenues $ 129,516 $ 124,460 $ 377,980 $ 340,778

Costs

Accommodation and associated services cost $ 28,401 $ 27,779 $ 85,391 $ 76,740

Integrated services and other services cost 65,101 59,469 186,646 163,283

Indirect other cost 4,093 3,776 12,140 10,198

Total Australian cost of sales and services $ 97,595 $ 91,024 $ 284,177 $ 250,221

Average daily rates (4) $ 84 $ 77 $ 84 $ 76

Billed rooms (5) 668,855 762,974 2,018,863 2,079,116

Australian dollar to U.S. dollar $ 0.707 $ 0.654 $ 0.704 $ 0.641

Supplemental Operating Data - Canadian Segment

Revenues

Accommodation and associated services revenue (1) $ 50,599 $ 38,684 $ 137,815 $ 114,710

Mobile facility rental and associated services revenue (2) 1,195 393 2,600 1,046

Integrated services and other services revenue (3) 11,791 6,954 27,390 20,695

Total Canadian revenues $ 63,585 $ 46,031 $ 167,805 $ 136,451

Costs

Accommodation and associated services cost $ 34,338 $ 27,107 $ 97,878 $ 86,590

Mobile facility rental and associated services cost 1,063 36 2,090 171

Integrated services and other services cost 11,889 6,547 27,544 19,257

Indirect other cost 1,891 1,970 5,954 6,324

Total Canadian cost of sales and services $ 49,181 $ 35,660 $ 133,466 $ 112,342

Average daily rates (4) $ 97 $ 100 $ 97 $ 96

Billed rooms (5) 516,317 382,660 1,407,927 1,191,327

Canadian dollar to U.S. dollar $ 0.715 $ 0.726 $ 0.722 $ 0.715

(1)Includes revenues related to village and lodge rooms and hospitality services for owned rooms for the periods presented.

(2)Includes revenues related to mobile assets for the periods presented.

(3)Includes revenues related to food service and other services, including laundry, facilities management and water and wastewater treatment services, for the periods presented.

(4)Average daily rate is based on billed rooms and accommodation revenue in our owned villages and lodges.

(5)Billed rooms represents total billed days for owned assets for the periods presented.

CIVEO CORPORATION

SUPPLEMENTAL OPERATIONS BY SERVICE TYPE BY REGION DATA

(U.S. dollars in thousands)

(unaudited)

The following table sets forth certain supplemental data for our Australia and Canada segment revenues attributable to the asset-light (“Catering and Facility Management”) portion of the Company’s business and the asset-intensive (“Accommodations and Infrastructure”) portion of the Company’s business. We provide Catering and Facility Management services to both customer-owned assets and Company-owned villages and lodges. When we provide Catering and Facility Management services to customer-owned assets, it is reflected in “Food and other services” in our Supplemental Quarterly Segment and Operating Data. However, when we provide those same services to customers at our owned villages and lodges, it is reflected in “Accommodation and other services”, which also includes the Accommodations and Infrastructure component of our owned villages and lodges. This is because we bill our customers in one combined rate for both Accommodations and Infrastructure services and Catering and Facility Management services at Company-owned villages and lodges.

The purpose of the disclosure below is to disaggregate the embedded Catering and Facility Management revenues from the “Accommodation and other services” revenues associated with our owned villages and lodges that are included in our Supplemental Quarterly Segment and Operating Data. To do so, we apply a margin that is equal to Civeo’s margin in similar services we provide to customer-owned assets to the cost of sales that are associated with Catering and Facility Management services within “Accommodation and other services” for our owned villages and lodges. This table provides investors a supplemental view of the services provided by the Company which could assist with their valuation analysis.

Three months ended September 30, 2026 Three months ended September 30, 2025

Australia Canada Other Total Australia Canada Other Total

Revenues

Asset Light: Catering and Facility Management $ 97,194 $ 37,353 $ — $ 134,547 $ 90,117 $ 27,497 $ — $ 117,614

Asset Intensive: Accommodations and Infrastructure 32,322 26,232 — 58,554 34,343 18,534 — 52,877

Total revenues $ 129,516 $ 63,585 $ — $ 193,101 $ 124,460 $ 46,031 $ — $ 170,491

Nine months ended September 30, 2026 Nine months ended September 30, 2025

Australia Canada Other Total Australia Canada Other Total

Revenues

Asset Light: Catering and Facility Management $ 280,968 $ 99,321 $ — $ 380,289 $ 249,409 $ 83,098 $ — $ 332,507

Asset Intensive: Accommodations and Infrastructure 97,012 68,484 — 165,496 91,369 53,353 — 144,722

Total revenues $ 377,980 $ 167,805 $ — $ 545,785 $ 340,778 $ 136,451 $ — $ 477,229

CIVEO CORPORATION

NON-GAAP RECONCILIATIONS

(in thousands)

(unaudited)

Three Months Ended

September 30, Nine Months Ended

September 30, Twelve Months Ended September 30,

2026 2025 2026 2025 2026

EBITDA (1) $ 29,004 $ 26,989 $ 70,904 $ 58,824 $ 89,501

Adjusted EBITDA (1) $ 30,057 $ 28,610 $ 75,961 $ 66,766 $ 97,796

Total Net Leverage Ratio (2) 2.1x

(1)The term EBITDA is a non-GAAP financial measure that is defined as net income (loss) attributable to Civeo Corporation

plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is a non-GAAP financial measure that is

defined as EBITDA adjusted to exclude certain other unusual or non-operating items. Beginning with the third quarter of

2026, Civeo revised its definition of Adjusted EBITDA to exclude foreign currency (gains) losses, net. Following the issuance of the Company’s convertible senior notes in July 2026, foreign currency (gains) losses may introduce increased variability into the Company’s reported results that does not reflect its underlying operating performance. Management believes that excluding this item provides investors with a clearer understanding of the Company’s underlying operating performance and enhances comparability between periods. Prior periods presented have been revised to conform to the current presentation. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Civeo has included EBITDA and Adjusted EBITDA as supplemental disclosures because its management believes that EBITDA and Adjusted EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provide investors a helpful measure for comparing Civeo's operating performance with the performance of other companies that have different financing and capital structures or tax rates. Civeo uses EBITDA and Adjusted EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.

The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) attributable to Civeo Corporation, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in thousands) (unaudited):

Three Months Ended

September 30, Nine Months Ended

September 30, Twelve Months Ended September 30,

2026 2025 2026 2025 2026

Net income (loss) attributable to Civeo Corporation $ 5,179 $ (455) $ (1,150) $ (13,611) $ (7,610)

Income tax expense 3,879 4,038 10,545 10,732 13,433

Depreciation and amortization 15,714 20,012 49,349 54,092 67,875

Interest income (182) (28) (272) (129) (307)

Interest expense 4,414 3,422 12,432 7,740 16,110

EBITDA $ 29,004 $ 26,989 $ 70,904 $ 58,824 $ 89,501

Adjustments to EBITDA

Resolution of a sales and occupancy tax matter (a) — — 1,500 — 1,500

Cost saving initiatives (b) 414 221 2,004 1,659 2,530

Share-based compensation (c) 584 1,063 1,434 2,263 2,231

Foreign currency (gains) losses, net (d) 55 (226) (351) 267 (194)

Shareholder activist costs — 563 470 3,753 2,228

Adjusted EBITDA $ 30,057 $ 28,610 $ 75,961 $ 66,766 $ 97,796

(a)Represents the non-recurring settlement of a sales and occupancy tax matter related to our former U.S. business, which was sold in 2023.

(b)Represents implementation costs (primarily severance costs and real estate expense rationalization) incurred as part of cost savings initiatives.

(c)Represents share-based compensation expense associated with performance share awards, restricted share awards, restricted share units and deferred share awards.

(d)Represents foreign currency (gains) losses, net, recognized in the Company’s results of operations.

(2)The term total net leverage ratio is a non-GAAP financial measure that is defined as net debt divided by bank-adjusted EBITDA. Net debt, bank-adjusted EBITDA and total net leverage ratio are not financial measures under GAAP and should not be considered in isolation from or as a substitute for total debt, net income (loss) or cash flow measures prepared in

accordance with GAAP or as a measure of profitability or liquidity. Additionally, net debt, bank-adjusted EBITDA and total net

leverage ratio may not be comparable to other similarly titled measures of other companies. Civeo has included net debt,

bank-adjusted EBITDA and total net leverage ratio as a supplemental disclosure because its management believes that this data provides useful information regarding the level of the Company’s indebtedness and its ability to service debt. Additionally, per Civeo’s credit agreement, the Company is required to maintain a total net leverage ratio below 3.5x every quarter to remain in compliance with the credit agreement.

The following table sets forth a reconciliation of net debt, bank-adjusted EBITDA and total net leverage ratio to the most directly comparable measures of financial performance calculated under GAAP (in thousands) (unaudited):

As of September 30,

2026

Total Net Leverage Ratio

Total debt (including finance lease obligations) $ 220,289

Less: Cash and cash equivalents 24,282

Net debt $ 196,007

Adjusted EBITDA for the twelve months ended September 30, 2026 (a)

$ 97,796

Adjustments to Adjusted EBITDA

Interest income 307

Costs related to strategically positioning assets around growth opportunities 460

Foreign currency (gains) losses, net (b) 194

Resolution of a sales and occupancy tax matter (b) (1,500)

Cost saving initiatives (b) (2,530)

Shareholder activist costs (b) (2,228)

Bank-adjusted EBITDA $ 92,499

Total net leverage ratio (c)

2.1x

(a) See footnote 1 above for reconciliation of Adjusted EBITDA to net loss attributable to Civeo Corporation.

(b) Adjustments to EBITDA not allowed to be adjusted by our credit facility.

CIVEO CORPORATION

NON-GAAP RECONCILIATIONS - GUIDANCE

(in millions)

(unaudited)

Year Ending December 31, 2026

EBITDA Range (1) $ 83.4 $ 86.4

Adjusted EBITDA Range (1) $ 89.0 $ 92.0

(1)The following table sets forth a reconciliation of estimated EBITDA and Adjusted EBITDA to estimated net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in millions) (unaudited):

Year Ending December 31, 2026

(estimated)

Net loss $ (9.7) $ (7.7)

Income tax expense 13.0 14.0

Depreciation and amortization 64.0 64.0

Interest expense 16.0 16.0

EBITDA $ 83.4 $ 86.4

Adjustments to EBITDA

Shareholder activist costs 0.5 0.5

Cost saving initiatives 2.0 2.0

Resolution of a sales and occupancy tax matter 1.5 1.5

Foreign currency (gains) losses, net (0.4) (0.4)

Share-based compensation 2.0 2.0

Adjusted EBITDA $ 89.0 $ 92.0

CONTACTS:

Regan Nielsen

Civeo Corporation

Vice President, Corporate Development & Investor Relations

713-510-2400

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